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A couple of reactions to the Jake Sullivan speech in a quick thread. There is not a lot of *news* in this speech, but it nevertheless underscores a pretty profound shift in the U.S. approach towards capitalism, which it thinks should fundamentally change.
brookings.edu/events/the-bid…
As Sullivan describes it, we're moving away from the clear "Parthenon" structure of the post-WWII global economy and towards something that looks very different, more in the style of Frank Gehry. (Queue the global trade architecture jokes.) Image
He also argued that the traditional approach to trade is based on "over-simplified assumptions." In light of digitization and climate change, that is absolutely true, and we do need urgent change. That doesn't mean, though, that we should ignore allies' desires to trade more.
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